© Dukascopy Bank
"In the short-to-medium term the UK may benefit a little bit from being a triple-A rated sovereign but I think that will be called into question during 2012 as well"
- Investec Bank PLC (based on Reuters) Industry outlook
A key support zone formed by resistances 1.5272 and 1.5145 is unlikely to be penetrated in the nearest future. From above the price is capped by 1.5658 (55 day ma) and 1.5686. In the long-term the support area is expected to surrender and allow for a dip to 1.4260/29.
Traders' sentiment
The difference between the number of bullish and bearish market participants has diminished since yesterday. 57% of all the positions held are long, whereas 43% are short.
Long position opened
Largest brokers set a new long position target as a break of 1.5360 is an encouraging bullish sign en route to 1.5394. If the uptrend remains, the third target for intraday trading will be 1.5436.
Short position opened
Major market participants with short positions will hold their deals until the price slides down to the initial support level at 1.5284. If the price continues the downtrend, the dealers might wait for the price to depreciate down to 1.5242 or 1.5208.
© Dukascopy Bank